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Cryptocurrency is becoming the next big thing. Many countries have started to acknowledge it. With several countries having different rules and regulations for banking and trading, it becomes difficult to find crypto-friendly banks. When crypto began to rise in the UK, the nation’s crypto users had some hard times. Investors’ accounts were terminated and even had their funds frozen because they were using it as a medium to transact.
Now that we look at the scenario again, the UK has now accepted the new venture. The budding relationship is going in the right direction. However, the conditions aren’t perfect still. Not all banks of the UK support cryptocurrencies. Some of the banks have even restricted the trading of cryptos.
Considering the cryptocurrency holders of the UK, from 1.5 million in 2018 to 9.8 million in February 2021, the banks have accepted the Crypto Era. Some of the banks provide National insurance also.
Before start trading cryptocurrency in the UK, it becomes important to be well-versed about all the banks that permit your wishes and let you exploit the cryptos.
What are Crypto-Friendly Banks?
Crypto-friendly banks are those banks and financial institutions that allow their customers or patrons to purchase cryptocurrencies easily via debit and credit cards.
Here we have curated a list that includes the top banks of the UK that back the cryptos and their users.
Top Banks in the UK that are Crypto-Friendly
1. Royal Bank of Scotland (RBS)
The UK government owns the RBS. It has shown an upbeat approach towards cryptocurrencies for the past few years.
The bank offers its customers and clients to buy cryptos and sell them accordingly. They can withdraw or deposit funds to exchange.
The RBS, however, restricts its customers from using those cryptos as a medium of exchange when there is a possibility of financial detriment.
2. Barclays
Barclays is one of the largest investment banks in the UK. It has shown immense relevance in blockchain technology and cryptos.
Reportedly, the customers are satisfied with the bank’s approach towards cryptos and say that the funds are moved easily through their debit and credit cards.
Some cases have also revealed that the bank restrains its customers from deposits or withdrawals. This restriction happens when situations don’t fit. The bank may close or freeze accounts.
3. Revolut
Revolut is a digitally operating bank. According to reviews by its clients, it is a very friendly platform for crypto users. They have around 15 million customers around the globe.
The best thing about this bank is that it is not time-consuming. It saves time by removing the paperwork load. Its facilities are free, and the customers need to order a visa card, and then it’s good to go. The customers can buy cryptos just by an app, and even withdrawal is allowed.
However, the revolut bank may not prove the best for some things. It has a base fee of 2.5% and an additional fee of 0.5% when traded for more than £1000.
4. Monzo
Again, a digital-only bank that is available to only UK residents. This bank charges absolutely no fees for the card payments. The basic account opening in this bank costs nothing.
Monzo had a positive effect on the customers during the Binance crisis. Many banks were not supporting cryptos at that time, and Monzo assured its users that they would not do the same.
Like any ideal bank, it does not allow any illegal transaction. The customers can use a range of cryptocurrency exchanges to buy them as a part of personal banking.
5. Solaris
Solaris bank was launched officially in 2016. The bank established a Blockchain factory for the cryptocurrency industry. It serves as a technological and regulatory bridge between the industry and helps the new interest of people to grow.
It is a very diverse bank that allows crypto transactions and provides its customers with crypto custody. In 2021, they initiated a new, regulated crypto service under the brokerage and trading application programming interface.
6. Nationwide
Nationwide bank provides its customers with unrestricted transactions of cryptos. The bank reviewed its crypto policies after the Binance crisis. The bank had stated that it would monitor all the digital commerce and be extra precautious towards their clients who prefer crypto trades.
The bank does not allow any crypto trade via credit cards. Transactions to and from debit cards are fully accessible.
7. Natwest
The RBS (Royal Bank of Scotland) is the parent company of Natwest bank. The clients and patrons of Natwest haven’t faced any issues or blockages while purchasing and selling cryptos. The bank has a complete ban on transactions from Binance.
Credit card purchases are restricted.
8. Wirex
Wirex bank was established in the United Kingdom. It comes under the top institutions to provide crypto-friendly transactions. It offers many advantages to its users, including a payback of 0.5%. It allows the customers to convert their traditional currency into crypto and make money from the crypto which you bought earlier. The bank provides a debit card that can be used internationally as well.
9. ClearBank
ClearBank got its banking license in 2016. It is listed as the first clearing bank in the UK after more than 250 years. Since 2017 it has provided amazing services to the customers and enabled them to gain real-time payment.
It is not a traditional bank for its retail customers; rather, it’s a clearing bank for financial institutions. The debit and credit card purchases of cryptos are generally allowed.
10. Xace
It is a new bank in the field of cryptocurrencies founded in 2018. Initially, it was meant to work for small business gaming banking. Now it has extended its services as a crypto service provider as well. They even provide a personal account.
Xace backs both GBP and EUR via SEPA and IBANs. It supplies a virtual debit card.
The transaction to and from crypto traders is allowed, and the clients can purchase via debit cards.
The Conclusion
Many banks in the UK have accepted that the new way to develop with the evolving world is to recognize cryptocurrency transactions. These transactions involve high risk, but the bank has decided to put up with them to enable easy transactions.